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Monday, July 7, 2008

Estonian Inflation Rises Back Again in June 2008

According to the Estonian statistics office annual consumer price inflation in June 2008 was 11.4%. This is now the six consecutive month for which the consumer price index has remained around the 11% region.

Food prices were up by 15.8% and the price of manufactured goods by 7.0%. The services iprices ncreased 12.5%. Regulated prices of goods and services were up by 22.0% and non-regulated prices by 8.5%.

As in the previous months, the index was largely influenced by the increased price of food and housing, as well as by the increase in petrol prices. Dairy-, cereal- and meat products made up four fifths of the price increase of food. The increase in housing costs was mainly the result of an increase in the price of heating. Three quarters of the 14.7% price increase in the transport index was the direct result of the increased fuel cost.

The price of goods and services in June were 0.6% higher than in May. The monthly rise was mainly produced by the increase in fuel prices which was responsible for two thirds of the monthly change in the consumer price index.

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